Red Bull lands record $150m cryptocurrency F1 sponsorship deal

Although the headline figure has not been officially confirmed the arrangement is understood to be the largest per annum cryptocurrency sponsorship signed in any international sport.

Red Bull recently announced a lucrative title sponsor deal with tech giant Oracle as it seeks to plug the hole left by the loss of works Honda backing and also finance the new Red Bull Powertrains division, and the Bybit contract as principal team partner makes another significant contribution.

The plan is for Bybit to help the team to grow fan engagement in its role as fan token issuance partner.

Founded in 2018, Bybit is a derivative exchange, in essence dealing with contracts that give traders the right to buy or sell crypto assets at a certain price at a future date.

In November the company became the main sponsor of Argentina’s national soccer team.

Regarding the deal Christian Horner said: “They share the team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo. Allied to that is Bybit’s commitment to enlivening the fan experience in F1 through digital innovation.

“This is also a key mission for the team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world.”

Max Verstappen, Red Bull Racing, Sergio Perez, Red Bull Racing, Christian Horner, Red Bull Racing Team Principal

Photo by: Red Bull Racing

Bybit is the latest in a growing line of companies from the cryptocurrency field to use F1 as a marketing platform, with several teams on the grid having already forged relationships.

The highest profile so far is Crypto.com, which is a partner of F1 and title sponsor of the inaugural Miami GP in May,